Price No Object For Buyers On This Island

Amelia Island, Fla., is attracting condominium buyers willing to spend as much as $1.3 million for 3,000 square feet of luxury, oceanfront living space.

Construction is under way on three upscale oceanfront condominium projects near Fernandina Beach, east of Jacksonville. Some of the units being built have balconies overlooking the Atlantic. Many have four bedrooms and four baths.

"We feel like there is a big demand. People are buying these for permanent homes and second homes," said Norman Bray, executive vice president of Amelia Island Co., which is developing two of the condominium projects.

Among the projects, Amelia Island Co. is building Beachside Villas, a three-building project east of Beachwood Road in Amelia Island Plantation.

Units in phase one of Beachside, which opened in November 1997, sold for an average of $500,000. Units in the second phase are being sold for an average of $535,000. And units in phase three, which is set for completion in August, are being sold for an average of $590,000.

Amelia Island Co., which operates the Amelia Island Planation, also began construction recently on Ocean Club Villas.

The first building is scheduled for completion in July 2000. Units are selling for an average of $950,000.

The Fernandina Beach area is attracting luxury condominium projects because of its resort amenities, said William Hall, a Jacksonville developer who built two condominium projects in Ponte Vedra Beach.

"We're on a cycle right now, a very bullish, aggressive economic cycle," said Hall, president of Hall Properties Inc. "As the economy goes, so goes the value and demand for homeownership in resort areas."

Amelia Island is "a very attractive resort area," he said. "It's very attractive in terms of recreation and lifestyle."